New Delhi, February 13 The National Commodity and Derivatives Exchange (NCDEX) announced a long-term strategic partnership with Tata Consultancy Services (TCS) on Friday to support its planned entry into the equity and equity derivatives markets.
The exchange selected TCS following a comprehensive four-month evaluation process of global solution providers. The engagement covers the deployment of the equity and equity derivatives platform and is licensed for a 10-year period after going live.
Under the engagement, TCS will deploy an enterprise-grade, scalable trading and surveillance platform designed to meet evolving market and regulatory needs, NCDEX said in a statement.
"As we prepare to enter the equity and equity derivatives segment, our priority is to build a strong technology architecture capable of catering to the diverse market and regulatory needs of the Indian financial ecosystem," said NCDEX Chief Technology Officer Balkrishna Shankwalker.
NCDEX, established in 2003, is a SEBI-regulated agricultural commodity exchange. With this foray, NCDEX aims to transform into a multi-segment exchange, leveraging its strong rural reach to channel household savings from India's hinterland into regulated financial markets.
"We will be deploying a next-gen platform for NCDEX, combining our TCS BaNCS and Quartz technology, with world-class partner solutions for trading. We are confident that this best-of-breed solution set, with multi-asset class support, ultra-high performance, and low-latency capabilities, will help drive growth for NCDEX in a rapidly changing technology landscape," said R Vivekanand, President, BFSI Products and Platforms, TCS.